Hudson City Bancorp Inc. (HCBK, Financial) filed Quarterly Report for the period ended 2010-03-31.
Hudson City Bancorp Inc. has a market cap of $6.71 billion; its shares were traded at around $12.73 with a P/E ratio of 11.8 and P/S ratio of 2.2. The dividend yield of Hudson City Bancorp Inc. stocks is 4.7%. Hudson City Bancorp Inc. had an annual average earning growth of 32.2% over the past 10 years. GuruFocus rated Hudson City Bancorp Inc. the business predictability rank of 4.5-star.HCBK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Richard Aster Jr of Meridian Fund, Kenneth Fisher of Fisher Asset Management, LLC.
The increase in loans reflected our focus on loan portfolio growth through the origination of one- to four-family first mortgage loans in New Jersey, New York and Connecticut and, to a lesser extent, the continued purchase of mortgage loans. We are a portfolio lender and do not sell loans in the secondary market or to the GSEs. During the first quarter of 2010, we originated $1.40 billion and purchased $404.2 million of loans, compared to originations of $1.32 billion and purchases of $723.3 million for the first quarter of 2009. The origination and purchases of loans were partially offset by principal repayments of $1.45 billion for the first quarter of 2010 as compared to $1.35 billion for the first quarter of 2009. Loan originations have increased primarily due to an increase in mortgage refinancing caused by market interest rates that are at near-historic lows as well as a modest increase in home sales activity. The refinancing activity has also caused an increase in principal repayments.
Total cash and cash equivalents decreased $86.1 million to $475.1 million at March 31, 2010 as compared to $561.2 million at December 31, 2009. Other assets increased $1.9 million to $206.5 million at March 31, 2010 as compared to $204.6 million at December 31, 2009.
Total deposits increased $810.8 million, or 3.3%, to $25.39 billion at March 31, 2010 as compared to $24.58 billion at December 31, 2009. The increase in total deposits reflected a $329.7 million increase in our time deposits, a $202.7 million increase in our money market checking accounts and a $289.2 million increase in our interest-bearing transaction accounts and savings accounts. Deposit flows are typically affected by the level of market interest rates, the interest rates and products offered by competitors, the volatility of equity markets, and other factors. Our deposit growth slowed in the first quarter of 2010. Deposits grew by $1.5 billion during the fourth quarter of 2009 and by $6.11 billion for the year ended December 31, 2009. The growth in deposits during 2009 was due to the economic conditions existing at the time that we believe caused customers to use insured bank deposit products as an alternative to investments such as equity securities and bonds. We believe that the slower deposit growth is due to improving economic conditions as well as improving conditions in the securities markets that have changed customer preferences for these alternative investments. In addition, we have lowered our deposit rates to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage loans and investment securities have made a growth strategy less prudent until market conditions improve. We had 131 branches at March 31, 2010 unchanged from December 31, 2009.
Due to brokers amounted to $125.6 million at March 31, 2010 as compared to $100.0 million at December 31, 2009. Due to brokers at March 31, 2010 represents securities purchased in the first quarter of 2010 with settlement dates in the second quarter of 2010. Other liabilities increased to $346.2 million at March 31, 2010 as compared to $275.6 million at December 31, 2009. The increase is primarily the result of an increase in accrued taxes of $82.7 million, partially offset by a decrease in accrued expenses of $11.1 million.
Total shareholders equity increased $56.9 million to $5.40 billion at March 31, 2010 from $5.34 billion at December 31, 2009. The increase was primarily due to net income of $148.9 million for the quarter ended March 31, 2010, partially offset by cash dividends paid to common shareholders of $74.0 million and a $26.0 million decrease in accumulated other comprehensive income primarily due to a decrease in the net unrealized gain on securities available-for-sale. This decrease was due primarily to the sale of mortgage-backed securities during the first quarter of 2010 which resulted in a net realized gain of $30.8 million.
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Hudson City Bancorp Inc. has a market cap of $6.71 billion; its shares were traded at around $12.73 with a P/E ratio of 11.8 and P/S ratio of 2.2. The dividend yield of Hudson City Bancorp Inc. stocks is 4.7%. Hudson City Bancorp Inc. had an annual average earning growth of 32.2% over the past 10 years. GuruFocus rated Hudson City Bancorp Inc. the business predictability rank of 4.5-star.HCBK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Richard Aster Jr of Meridian Fund, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Total securities increased $755.9 million to $27.12 billion at March 31, 2010 from $26.36 billion at December 31, 2009. The increase in securities was primarily due to purchases (including purchases recorded in the first quarter of 2010 with settlement dates after March 31, 2010) of mortgage-backed and investment securities of $2.77 billion and $1.10 billion, respectively, partially offset by principal collections on mortgage-backed securities of $1.55 billion and sales of mortgage-backed securities of $573.7 million and calls of investment securities of $950.0 million.The increase in loans reflected our focus on loan portfolio growth through the origination of one- to four-family first mortgage loans in New Jersey, New York and Connecticut and, to a lesser extent, the continued purchase of mortgage loans. We are a portfolio lender and do not sell loans in the secondary market or to the GSEs. During the first quarter of 2010, we originated $1.40 billion and purchased $404.2 million of loans, compared to originations of $1.32 billion and purchases of $723.3 million for the first quarter of 2009. The origination and purchases of loans were partially offset by principal repayments of $1.45 billion for the first quarter of 2010 as compared to $1.35 billion for the first quarter of 2009. Loan originations have increased primarily due to an increase in mortgage refinancing caused by market interest rates that are at near-historic lows as well as a modest increase in home sales activity. The refinancing activity has also caused an increase in principal repayments.
Total cash and cash equivalents decreased $86.1 million to $475.1 million at March 31, 2010 as compared to $561.2 million at December 31, 2009. Other assets increased $1.9 million to $206.5 million at March 31, 2010 as compared to $204.6 million at December 31, 2009.
Total deposits increased $810.8 million, or 3.3%, to $25.39 billion at March 31, 2010 as compared to $24.58 billion at December 31, 2009. The increase in total deposits reflected a $329.7 million increase in our time deposits, a $202.7 million increase in our money market checking accounts and a $289.2 million increase in our interest-bearing transaction accounts and savings accounts. Deposit flows are typically affected by the level of market interest rates, the interest rates and products offered by competitors, the volatility of equity markets, and other factors. Our deposit growth slowed in the first quarter of 2010. Deposits grew by $1.5 billion during the fourth quarter of 2009 and by $6.11 billion for the year ended December 31, 2009. The growth in deposits during 2009 was due to the economic conditions existing at the time that we believe caused customers to use insured bank deposit products as an alternative to investments such as equity securities and bonds. We believe that the slower deposit growth is due to improving economic conditions as well as improving conditions in the securities markets that have changed customer preferences for these alternative investments. In addition, we have lowered our deposit rates to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage loans and investment securities have made a growth strategy less prudent until market conditions improve. We had 131 branches at March 31, 2010 unchanged from December 31, 2009.
Due to brokers amounted to $125.6 million at March 31, 2010 as compared to $100.0 million at December 31, 2009. Due to brokers at March 31, 2010 represents securities purchased in the first quarter of 2010 with settlement dates in the second quarter of 2010. Other liabilities increased to $346.2 million at March 31, 2010 as compared to $275.6 million at December 31, 2009. The increase is primarily the result of an increase in accrued taxes of $82.7 million, partially offset by a decrease in accrued expenses of $11.1 million.
Total shareholders equity increased $56.9 million to $5.40 billion at March 31, 2010 from $5.34 billion at December 31, 2009. The increase was primarily due to net income of $148.9 million for the quarter ended March 31, 2010, partially offset by cash dividends paid to common shareholders of $74.0 million and a $26.0 million decrease in accumulated other comprehensive income primarily due to a decrease in the net unrealized gain on securities available-for-sale. This decrease was due primarily to the sale of mortgage-backed securities during the first quarter of 2010 which resulted in a net realized gain of $30.8 million.
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